Report on NCDEX commodities Turmeric Oct NCDEX: Current selling pressure would continue towards 4600/4500 levels. Dhaniya Oct NCDEX: While below 5610, the sentiments remain bearish and expect to see selloffs to 5400 or even lower to 5340 levels. Chilli Oct NCDEX: Chilli prices plummeted sharply from a high of 5576 and closed the day at 5324. As prices broke the immediate support of 5380, the bears are active and expect continuation of selloffs to 5300/5200 or even lower to 5000 levels in the near term. Moreover, the daily RSI (14) is supporting the bearish sentiments for the day. However, on the higher side, any trades above 5400 could see short covering rallies to 5520 levels. Cardamom Oct MCX: Cardamom prices slipped lower from 764.30 and closed the day at 747. Consistent trades below the 13 day EMA resistance at 770 could see prolongation of downside moves to 740 and then to 720 levels. However, if prices break and sustain above 770 could extend the short covering rallies to 780/795 levels. Major upside moves would trigger only above 805 regions.
Posted on: Thu, 26 Sep 2013 05:50:10 +0000
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